Global Telemetry Market is Estimated to Witness High Growth Owing to Opportunity of Remote Monitoring of Patients
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| Telemetry Market |
The Global Telemetry Market
involves the use of telemetry technologies to remotely monitor a patient's
medical condition and vital signs in various healthcare settings like hospitals,
clinics, long term care facilities and home care. Telemetry systems transmit
biometric data like ECG, blood pressure, oxygen levels etc. to a monitoring
station via radios or other transmission media for remote patient monitoring
and management. With growing emphasis on reducing hospital readmissions and
costs of care, telemetry enabled patient care experiences significant traction
of late. The global Telemetry Market is estimated to be valued at US$ 150.51 Bn in 2023 and is expected
to exhibit a CAGR of 17% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Dynamics
High Patient Engagement and
Reduced Hospital Readmissions drive the Global Telemetry Market
The global Telemetry Market
witnesses high growth owing to growing patient engagement in remote care
experiences through wearable medical devices and smartphones. Telemetry enabled
patient care engages patients actively by enabling remote monitoring outside of
traditional clinical settings. This high level of engagement helps manage
chronic conditions better and reduces avoidable hospital readmissions which are
a major cost driver. As per estimates, preventable readmissions within 30 days
alone cost the US healthcare system around $41 billion annually. The ability of
telemetry to proactively monitor patients post discharge and coordinate care
has significantly curbed readmission rates globally. As per data, some US
hospitals reported over 30% reduction in 30-day readmission rates through remote
patient monitoring programs. Growing policy support for population health
management through technologies like telemetry further accelerates its uptake.
The other key driver of the
Telemetry Market is growing investments and partnerships between payors,
providers and technology players to develop advanced digital solutions for
remote patient monitoring. Large health systems are innovating novel care
models around continuous data insights from medical wearables. Digital health
startups backed by big tech are proliferating globally with value based
reimbursements and frameworks conducive to remote care delivery. All these
factors are expected to fuel high growth of the Telemetry Market during the
forecast period.
SWOT Analysis
Strength: The global telemetry
market benefit from rapid technological advancements in medical devices and
monitoring systems. New devices have improved accuracy and ability to transmit
more data over longer distances. Continuous remote monitoring allows for early
detection of health changes and risks. This could help reduce mortality rates
from serious conditions. Telemetry also enables downsizing of healthcare
facilities while still providing quality care through remote services.
Weakness: Significant upfront
infrastructure investments are required to implement a telemetry system. This
poses barriers for healthcare providers in underdeveloped areas. Data security
and privacy breaches are also a concern due to the continuous online
transmission of sensitive patient information. Equipment interoperability
issues can occur if devices from different manufacturers are combined in a
setup.
Opportunity: Emerging economies
in Asia Pacific and Latin America are expanding healthcare coverage which is
increasing demand for cost-effective remote monitoring solutions. Governments
support investments to improve access to care in rural locations. The growing
geriatric population prone to chronic diseases presents an opportunity to
deploy preventative telemetry programs. Wearable devices and smartphone-linked
sensors allow for patient self-monitoring and expansion of telehealth beyond
clinical settings.
Threats: Emergence of low-cost
alternatives such as DIY home monitoring devices pose pricing pressure. Heavy
regulations around data usage, equipment certification, and reimbursement
varies greatly across countries challenging multi-national expansions.
Healthcare IT professionals must constantly upgrade skills to integrate new
systems and solutions effectively. Shortage of skilled technicians impacts
after-sales support quality.
Key Takeaways
The Global
Telemetry Market Share is expected to witness high growth over the
forecast period driven by aging demographics and increasing chronic disease
prevalence globally.
Regional analysis: The Asia Pacific telemetry market is growing at
the fastest pace supported by rapidly developing healthcare systems, government
investments, and large patient bases. Countries like China, South Korea, and
India are digitalizing medical infrastructure, transitioning from obsolete
wired networks to advanced wireless telemetry systems. Rural coverage is being
increased through partnerships with telecom firms for connectivity. Leading
medical device producers are also shifting focus to the region recognizing its
future growth potential.
Key players operating in the global telemetry market are Flatiron
Health, McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V.,
GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, Crisp, Varian
Medical Systems, Inc., Elekta AB, Accuray Incorporated, C-TAC Health, Oscar
Health, NXGN Management, LLC, Epic Systems Corporation, Optum, Inc, 2bPrecise
LLC, Orchestrate.AI, Tempus Labs, Oncora Medical, Syapse.
Get More Insights Here
https://www.newsstatix.com/telemetry-market-size-share-growth-outlook-2023/
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